F1Q Strong Beat + FY27 Guidance Raised Across the Board, PT to $95

Research evidence excerpt

F1Q Strong Beat + FY27 Guidance Raised Across the Board, PT to $95

Security & Infrastructure Software

Rubrik, Inc. (RBRK)

EQUITY RESEARCH Company Update

June 4, 2026

F1Q Strong Beat + FY27 Guidance Raised Across the Price: $77.00

Price Target: $95.00 (From $85.00) Board, PT to $95

Rating: Overweight

Investment Summary. We reiterate our Overweight rating and raise our

Key Statistics: 12-month price target to $95 from $85 on a beat and strong FY27 raise.

Symbol NASDAQ: RBRK Rubrik delivered an impressive F1Q27, beating FactSet consensus estimates 52-Week Range 42.25 - 103.00

on revenue, subscription ARR, operating income and free cash flow. The Market Cap 15,575.3

ADV (3 mo) 3,868,183 firm delivered $103M in net new subscription ARR, a Q1 record and well

EV ($M) 18,688 above consensus, driving 32% subscription ARR growth. The firm raised

Shares Out (M) 157.4 FY27 guidance across the board, with the raised subscription ARR outlook

now implying ~27% growth for the year. Strong NRR and large deal activity

Research Analysts: underscore momentum in the platform strategy, while initiatives like Agent

Jonathan Ruykhaver, CFA Cloud and Identity Resilience highlight continued innovation and represent

617-443-4473

Jonathan.Ruykhaver@cantor.com new incremental market opportunities.

Ben Mitchell We highlight SBC held ~flat y/y in dollar terms at ~$73M while FCF more 212-428-5917

Ben.Mitchell@cantor.com than doubled, compressing SBC to ~1x FCF from >2x a year earlier, which

we believe reflects progress toward a more durable FCF floor. Separately,

REV ($M) we believe FY27 guidance remains derisked, with the full-year raise of ~2x

FYE Jan 2026A 2027E 2028E the Q1 beat consistent with management's historical cadence and leaving